23 September 2021 02:52 am Views - 265
Sri Lanka’s merchandise export earnings topped a billion dollars for the third consecutive month in August, with almost all the major export categories performing well despite the pandemic-induced restrictions, the Export Development Board (EDB) said in a statement.
Accordingly, the August export earnings rose 14.4 percent year-on-year (YoY) to US $ 1.08 billion, compared to US $ 947.2 million in August 2020, as per the data released by Sri Lanka Customs.
Export earnings from apparel exports increased by 12.13 percent YoY to US $ 491.5 million in August, with strong performance in exports of apparel (12.84 percent) and woven fabrics (312.9 percent).
Export earnings from tea in August, which made up 12 percent of merchandise exports, increased by 13.41 percent YoY to US $ 116.78 million and the export volume also increased by 16.1 percent, compared to August 2020. Moreover, export earnings from tea recorded a 1.43 percent increase in comparison to July 2021.
Export earnings from rubber and rubber finished products increased by 27.31 percent YoY to US $ 92.34 million in August, with strong performance in exports of pneumatic and retreated rubber tyres and tubes and industrial and surgical gloves. However, exports of gaskets, washers, seals, etc. of hard rubber declined by 44.48 percent YoY to US $ 4.93 million.
Earnings from all the major categories of coconut-based products increased in August 2021, compared with August 2020. Earnings from activated carbon, which is categorised under the coconut shell products, decreased by 1.72 percent YoY in August 2021, compared to August 2020.
Export earnings from seafood increased by 19.65 percent YoY to US $ 165.48 million and it was mainly due to the increase in earnings from export of fish, fresh or chilled (29.44 percent), shrimps and prawns (125 percent), lobsters (50 percent) and crabs (27.27 percent).
Meanwhile, export earnings from electrical and electronic products and food and beverages recorded increases in earnings during the month of August 2021, compared with
August 2020.
For the period of January to August 2021, Sri Lanka’s merchandise export earnings increased by 22.36 percent YoY to US $ 7.8 billion, following increased exports of almost all the major product sectors.
Meanwhile, export earnings from electrical and electronic products and food and beverages recorded increases in earnings during the month of August 2021, compared with August 2020.
For the period of January to August 2021, Sri Lanka’s merchandise export earnings increased by 22.36 percent YoY to US $ 7.8 billion, following increased exports of almost all the major product sectors.
Meanwhile, during the first eight months of 2021, exports to the United States of America, Sri Lanka’s single largest export destination, increased by 15.3 percent YoY to US $ 1.9 billion.
The better performance was led by an increase in exports of apparel sector, tyres, surgical gloves, motor vehicles parts, activated carbon, tea packets and cinnamon. Exports to the United Kingdom, as the second largest trading partner, recorded an increase of 9.43 percent YoY to US $ 604.5 million during the period of January to August 2021.
Exports to the Netherlands and Canada increased by over 50 percent YoY during the period of January to August 2021, compared with the corresponding period of 2020. Increased exports to the Netherlands were led by apparel and liquid coconut milk while increased exports to China were led by mineral sands, cocopeat and frozen fish.
Meanwhile, earnings form services exports, which include ICT/BPM, construction, financial services and transport and logistics, were estimated at US $ 2.1 billion during the period of January to August 2021, compared to US $ 1.6 billion in the corresponding period of 2020.